Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market

Filiz Bozagaç

doi:10.26650/ibr.2026.55.1635772

Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market

Abstract

This study thoroughly investigates the impact of cultural factors on capital structure decisions and explores the role of cultural variables in financial decision-making processes. The existing literature was reviewed as part of the research. The effects of cultural differences on capital structure decisions were analyzed through the interaction between Hofstede’s subregional continent classification and Gelfand’s cultural tightness classification, alongside the financial performance of companies listed on the stock exchanges of selected countries. A sample of 1,417 energy companies traded in the capital markets of 28 countries was examined in this context. The literature examined the relationship between key financial metrics—commonly used to determine the price-earnings ratio and the debt and equity financing preferences of these companies. The analysis reveals that the cultural dimensions of power distance and individualism/collectivism have a positive and significant impact on the price-earnings ratio, while the masculinity/femininity dimension exerts a negative and significant influence on the long-term debt-equity ratio. These findings emphasize key factors that organizations should consider in strategic management and cultural practices. The conclusion discusses the practical and theoretical implications and offers recommendations for improving financial strategies.

Keywords

References

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Details

Primary Language

English

Subjects

Business Administration

Journal Section

Research Article

Authors

Filiz Bozagaç ^*
0000-0002-3764-0111
Türkiye

Publication Date

May 22, 2026

Submission Date

February 8, 2025

Acceptance Date

December 2, 2025

Published in Issue

Year 2026 Volume: 55 Number: 1

DOI

https://doi.org/10.26650/ibr.2026.55.1635772

IZ

https://izlik.org/JA65RT39WM

Cite

RIS / Bibtex

APA

Bozagaç, F. (2026). Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market. Istanbul Business Research, 55(1), 71-94. https://doi.org/10.26650/ibr.2026.55.1635772

AMA

1.Bozagaç F. Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market. IBR. 2026;55(1):71-94. doi:10.26650/ibr.2026.55.1635772

Chicago

Bozagaç, Filiz. 2026. “Cultural Dynamics and Financial Success in Listed Energy Giants: The Hidden Forces of the Global Market”. Istanbul Business Research 55 (1): 71-94. https://doi.org/10.26650/ibr.2026.55.1635772.

EndNote

Bozagaç F (May 1, 2026) Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market. Istanbul Business Research 55 1 71–94.

IEEE

[1]F. Bozagaç, “Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market”, IBR, vol. 55, no. 1, pp. 71–94, May 2026, doi: 10.26650/ibr.2026.55.1635772.

ISNAD

Bozagaç, Filiz. “Cultural Dynamics and Financial Success in Listed Energy Giants: The Hidden Forces of the Global Market”. Istanbul Business Research 55/1 (May 1, 2026): 71-94. https://doi.org/10.26650/ibr.2026.55.1635772.

JAMA

1.Bozagaç F. Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market. IBR. 2026;55:71–94.

MLA

Bozagaç, Filiz. “Cultural Dynamics and Financial Success in Listed Energy Giants: The Hidden Forces of the Global Market”. Istanbul Business Research, vol. 55, no. 1, May 2026, pp. 71-94, doi:10.26650/ibr.2026.55.1635772.

Vancouver

1.Filiz Bozagaç. Cultural dynamics and financial success in listed energy giants: The hidden forces of the global market. IBR. 2026 May 1;55(1):71-94. doi:10.26650/ibr.2026.55.1635772